18th of August, Rosneft together with Norwegian company Statoil Petroleum AS started exploration operations at the Pingvin License PL713prospect in the Norwegian section of the Barents Sea.

The first exploration well Pingvin-1 will be drilled by the Transocean Spitsbergen rig. The water depth is 422 meters and the drilling target total vertical depth (TVD) is 1516 meters. The companies expect to analyse the drilling results until the end of 2014.

RN Nordic Oil AS is partner in the licence (PL713) with Statoil (that is the operator), North Energy ASA and Edison International Norway Branch.

RN Nordic Oil AS, a subsidiary of Rosneft, will be involved in the operations on the project.

The start of this exploration operations marks an important milestone in developing the cooperation between Rosneft and Statoil. The companies plan to implement their experience of exploration and development of hydrocarbon fields in regions with harsh climate.

Notes for editors:

In June 2013 following the results of the 22nd Licensing Round conducted by the Norwegian Ministry of Petroleum and Energy RN Nordic Oil AS, a 100% indirect subsidiary of Rosneft, has been granted the award of a 20% participating interest in 4 fields within the license PL713 on the Norwegian continental shelf in the Barents Sea.

License PL713 consists of four promising blocks: 7219/2,3 and 7319/11,12.

The acreage is one of the biggest that was applied for and is located in the most promising and prolific area of the Barents Sea next to the discovered Castberg fields.